Planning for Retirement
A great time to start your own business or a new occupation
A note from Johann
Heading to the challenges of retirement is daunting for many. The prospect of being on your own without the structure or collegial benefits of being in a full-time job can seem overwhelming. But it need not be. We are living in a time now, having come through the isolation and health issues of the covid pandemic, where new ways of working and developments in technology enable us to do things that were not possible in the past. Working from home, for example, was often not possible in the past, but is now a mainstream option. Meetings conducted in Zoom or Google Meet are showing us that there are different ways to communicate and a whole new approach to meetings. Just about your whole business life can be conducted remotely.
All this is good news for retirees. The possibility of starting a business or a new occupation is totally possible. Working from home enables you to avoid the difficulties of commuting and to have the comfort of your own home while earning some income on the side and giving a new meaning to your life.
Building a business from scratch or creating a new occupation both relies on the same information about your work experience and qualifications. You have to start off by taking stock of where you have been and what your career enabled you to learn. Let’s say you have been an accountant or an engineer or a dentist or a marketing specialist or whatever. It means you have acquired a range of skills and capabilities that you can now repackage. You can do this either in a business related to your previous career or you can set yourself up in a consulting practice or self-employment structure of some kind.
The fact is that once away from the demands of full-time employment and with the prospect ahead of much more time to yourself, you can think about your life in a new way. The critical element of it is not to succumb to isolation and loneliness, but to see the prospect of a new strategy for the future. It is what could occupy you and, in fact, it can be a new occupation for the future.
Our top 3 article picks this week:
6 Reasons to Pursue Entrepreneurship in Retirement
This article from entrepreneur.com makes the case for starting a business in later life as a perfectly good ‘retirement lifestyle’ option. Instead of filling retirement days with pure recreation some folks might prefer or even need to pursue a more productive option. The article also list some options to inspire some ideas.
If sitting around just isn’t your thing, then retirement is the perfect time to live out the dreams you may have put on hold. Launching your own business may be your ideal “retirement lifestyle.”
Six reasons to start a business in retirement
- Stay active. A great way to stay active is to start a business, which involves packing materials, going to the post office and attending networking events. All of this gets your blood pumping.
- Keep mentally alert. Learning how to run a business and planning marketing campaigns will keep your brain active.
- Pursue a passion. You don’t stop dreaming at 50. Find that niche that you are really passionate about.
- Supplement your pension or income. A small business could provide support for staying on top of bills, paying down debt or tucking away for a rainy day.
- Stay social. Leaving a job may mean giving up most of your daily social interaction. By starting a business, you can replenish some of that interaction — with customers, suppliers, postal carriers and other professionals.
Take control of your life
It just doesn’t make sense to throw away all your knowledge and experience just because of a particular date on the calendar. With life spans increasing, you could easily change your career when you’re 50 or 60 or embark on an exciting entrepreneurial venture for the next 20 to 30 years.
Click here to read the full article on entrepreneur.com
These 50+ Year Old Entrepreneurs Will Make You Rethink Your Retirement Plan
Let these entrepreneur stories sow seeds of inspiration for your own venture. They were all in their 50s and older when they started their ventures. Some small and some large. The idea is that there are as many possibilities as there are unique individuals. We each have the potential to create something productive and sustaining.
A surprising number of people are stepping into entrepreneurship in and around the period of their retirement and some post that!
After all, their broad and deep knowledge, management experience, and large professional networks certainly gives them an edge at that age.
Take a look at this list of 25 entrepreneurs who started after the age of 50.
They were all ordinary people like us but they decided to ditch the typical retirement life or quit their not-so-interesting jobs, build their startup ground up, get product market fit and ultimately be their own boss.
Charlie Bright, 60, started a bakery business without having any baking skills
After a variety of jobs and few failed businesses this 60-year old entrepreneur was looking for a business opportunity. In 2011, Charlie got to know that a small bakery shop in his area would go out of business soon if no one bought it. He knew nothing about baking but he wanted to start a business. So, soon he made up his mind and announced his intention to buy the small bakery.
He set a goal of doubling his investment in one year, which he almost achieved. Now they are planning to relocate.
Radha Daga, 73, founded a food company
What started as an export garment business eventually led to a food business.
At 73, Radha Daga, founder of Triguni Foods which supplies Magic Upma to Indigo Airlines has shown that age is just a number.
This housewife turned entrepreneur not only manages a 8 crore company but also gives employment to 100s of underprivileged women.
Wally Blume, going solo at 62
Wally spent over 20 years in the dairy business, and then he spent a few years creating an ice cream business with some partners.
It eventually had a big hit flavor and Wally decided to go it alone and mortgaged his house to buy out his partners and start Denali Flavors.
Tips to Help Seniors Launch a Home-Based Business
This article offers sound advice for the option of launching a home based business and is focused specifically on the requirements of older adults rather than young start ups.
Usually, home-based small businesses don’t require a lot of start-up capital. Plus, you get to work from the comfort of your own house and on your terms, something that may be particularly critical if you’re part of the 20 percent of seniors who struggle with mobility.
Having Business Skills Matters
Without business skills, you may struggle to keep your operations running smoothly. Plus, you may have trouble navigating the financial aspects of running a company, including dealing with small business taxes, expense tracking, and more.
Choosing an Option That Fits Your Lifestyle Is Essential
Let your lifestyle be a guide during your journey. That way, you can launch a home-based business that gives you more of what you want and less of what you don’t.
Marketing Your Business Is a Must
No matter what kind of home-based business you launch, you’re going to need to market it if you’re going to attract business. Often, the best place to start is social media. It’s an easy way to enhance visibility and connect with your target audience.
Click here to read the full review on linkedin.com
Other highlights for the week:
Most Popular Daily Thought
Whether you think you can or you think you can’t, you’re right. – Henry Ford
Many philosophers have shared their wisdom on the power of our thoughts in overcoming challenges. Often it is our attitude and not our circumstance which is the key to changing the outcome of a situation. Mindset can be self-fulfilling. To be entrepreneurial in retirement will, no- doubt, require a gritty mindset.
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Last week’s question:
Tell us about a business you (want to get) started in retirement.
Some of the responses we received:
• An indoor shooting facility. Specializing in senior defense training.
• I would like to start a company that does the reglazing of bathtubs.
• I would like to open a clothing boutique.
• Opening a pottery shop is something I have always dreamed of.
• An indoor shooting facility that is also a teaching center.
• An eco-lodge retreat where wild dolphins swim with you and have inspired conversations with fellow people.
• Opening a tuition center.
• I would like to start a plumbing business.
• A bed and breakfast is definitely something I would like to start.
• Organic farming. Organic vegetable planting, we need electricity installed in rural settings to start the project.
• I am passionate about cooking and would like to start something from home.
This week’s questions:
Tell us of something you did today where you savoured the experience.
Click here to answer the question in our Facebook group
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